Amazon.com Inc. is struggling to make money as quickly as it spends it, putting the squeeze on the online retailer’s latest financial results and crimping its outlook. The Seattle-based e-commerce giant on Tuesday said its fourth-quarter revenue rose 35% from a year earlier, but profit plunged 57% as the company continued to spend on warehouses, technology and its Kindle electronic devices. WSJ

Esprit Holdings Ltd., the clothing retailer struggling to recover from last year’s 98% earnings slump, plans to close all stores in North America after failing to find a buyer for the unprofitable business.Bloomberg

Jonathan Saunders, the designer whose stock has risen sky-high over the past two seasons, has been named this year’s winner of the BFC/Vogue Designer Fund. This prize is not just a fancy title or an odd-shaped piece of glass for the mantel, this is a proper investment in the future of British fashion. The Guardian

J.C. Penney Co. says Myron E. Ullman III is stepping down as chairman and will be replaced by board member Thomas Engibous on Jan. 28. AP

Tiffany & Co. cut its full-year earnings forecast after a holiday season dampened by cautious spending the U.S. and Europe, adding to worries that economic uncertainties in the regions have dashed demand from luxury shoppers. WSJ

Nordstrom Inc. is adjusting its loyalty program to make rewards less expensive to come by, the high-end department store’s latest effort to draw a broader range of buyers for luxury goods. WSJ

About Heard on the Runway

Heard on the Runway provides news about the fashion and retail worlds, as well as fresh analysis and dispatches from the bi-annual fashion shows in New York, Milan and Paris. For complete style coverage, go to WSJ.com/Fashion.